Taxation - Corporate Law Reporter

High Court rebukes ITD for harassing honest taxpayers and Non-grant of refunds

CLR Editorial Note: An extensive search was conducted at the premises of the assessee concerned with this case. During the search, cash worth of Rs. 25 lakhs was seized. The assessee succeeded in the block assessments and the said amount of Rs. 25 lakhs became refundable to the assessee. However, the said amount was not… Read More

ADD levy on import of Soda Ash to or from Russia and Turkey

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)] GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 8 /2013-Customs (ADD) New Delhi, dated the 18th April, 2013 G.S.R. (E). Whereas, in the matter of Soda Ash (hereinafter referred to as the subject goods), falling under sub-heading 283620 of the… Read More

Customs Anti Dumping Duty Amendment notification – substitution of entries

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)] GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 7 /2013 Customs (ADD) New Delhi, the 18th April, 2013 G.S.R. (E). - In exercise of the powers conferred by sub-section (1) and (5) of section 9A of the Customs… Read More

Annual Supplement 2013 to Foreign Trade Policy (2009-14) – Notifications for Amendment

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)] GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 24 / 2013-Customs New Delhi, dated the 18th April, 2013 G.S.R. 250 (E).- In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act,… Read More

Annual Supplement 2013 to Foreign Trade Policy (2009-14) – Exemption under Post Export EPCG Duty Credit Scrip

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)] GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 23 / 2013-Customs New Delhi, the 18th April, 2013 G.S.R. 249 (E).” In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962… Read More

Annual Supplement 2013 to Foreign Trade Policy (2009-14) – Exemption Under EPCG

[TO BE PUBLISHED IN PART II, SECTION 3, SUB-SECTION (i) OF THE GAZETTE OF INDIA (EXTRAORDINARY)] GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 22 / 2013-CUSTOMS New Delhi, the 18th April, 2013. G.S.R. 248 (E). - In exercise of the powers conferred by sub-section (1) of section 25 of the Customs… Read More

Customs Tariff Notification on additions of Items

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)] GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) New Delhi, the 18th April, 2013 Notification No.21/2013-Customs G.S.R. (E).”In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act,1962 (52 of 1962), the Central Government, being… Read More

Extension of Dates for Filing ST-3 returns for the Period Oct’12 to Mar’13

F.No.137/99/2011-Service Tax Government of India Ministry of Finance Department of Revenue Central Board of Excise & Customs *** New Delhi, dated the 23rd April, 2013 To All Chief Commissioners of Central Excise / Customs and Central Excise Directors General of Service Tax /Central Excise Intelligence /Audit/Systems All Commissioners of Central Excise/ Customs and Central Excise All… Read More

In order to recover foreign arbitration award, a Company’s name can be restored

Ratio of the Case: Merely because a financial loss would be suffered by the appellant qua the arbitration Awards which had been passed against him would not entitle him to come under the exception seeking a refusal of the restoration of the company. CLR Editorial Note: The appellant was aggrieved by an order wherein an… Read More

Business advances also need to be benchmarked on Libor ALP

CLR Editorial Note: The assessee, an Indian company, had given loans of Rs. 15.65 crores to its Associated Enterprises s in USA, Singapore and Bahrain. In its assessment report, it claimed that the said loans were working capital advances given for commercial consideration to secure the business and that no interest was recoverable on it.… Read More

Gifted shares to a subsidiary company appeared to be a method to avoid tax

CLR Editorial Note: The Applicant, a Singapore based company, gifted the shares of a firm, Bharath Wind Farm Ltd, an Indian company, to its 99.61% subsidiary Orient Green Power Ltd, another Indian company. As the gift was made prior to the enactment of section 56(2)(viia) and there was no consideration received, it was claimed that there was no… Read More

Pendency of PIL Appeal does not mean liability to pay income tax is over

CLR Editorial Note: The assessee was a dealer in liquor distributing the rectified spirit to various retail vendors on behalf of the Government. By a Government Order dated 12-5-1992, the amount payable to the assessee was enhanced, consequently, the assessee was entitled to a sum of Rs.2,06,33,600/-. In terms of the Government Order, the said amount was… Read More

Income filed in HUF capacity cannot be taxed again for the individual in the HUF

CLR Editorial Note: This case refers to an assessment of investments held. The assessee is objecting in confirming the assessment of capital gain of the assessee™s HUF in his individual capacity and also assessing the interest income belonging to HUF (Hindu Undivided Family) in the individual capacity of the assessee. It was noticed that the ancestral… Read More